Analyst upgrades 9-4-07: KELYA, IRM, CVTI and the biotech sector

MOST NOTEWORTHY: Kelly Services, Iron Mountain, Covenant Transportation and the biotech sector were today's noteworthy upgrades:

Merrill Lynch upgraded Kelly Services Inc (NASDAQ: KELYA) to Neutral from Sell and Iron Mountain Incorporated (NYSE: IRM) to Buy from Neutral after they adjusted estimates in the group to reflect risks of a recession in the U.S.
AG Edwards upgraded shares of Covenant Transportation Group (NASDAQ: CVTI) to Buy from Hold as they believe the stock is oversold after the company was able to renegotiate its debt covenants without significant cost increases.
Bernstein upgraded the biotech sector citing valuation and typical seasonality for the group. The firm reiterated shares of Amgen Inc (NASDAQ: AMGN), Genentech Inc (NYSE: DNA), Gilead Sciences Inc (NASDAQ: GILD), Celgene Corporation (NASDAQ: CELG) and Vertex Pharmaceuticals (NASDAQ: VRTX) with Outperform ratings...

OTHER UPGRADES:

Netflix Inc (NASDAQ: NFLX) was upgraded to Hold from Sell at Wedbush. The firm also upgraded shares of Kenexa Corporation (NASDAQ: KNXA) to Buy from Hold.
Deutsche Bank upgraded shares of United Microelectronics (NYSE: UMC) to Buy from Hold.
UBS upgraded shares of Royal Dutch Shell (NYSE: RDS.A) to Buy from Neutral on valuation.
Lehman Brothers upped regulated utilities to Neutral from Negative, and Public Service Enterprise Group (NYSE: PEG) and Wisconsin Energy Corporation (NYSE: WEC) to Overweight from Equal Weight.

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